Regular Village Board meetings are held at 7:30 p.m., the first and third Mondays of each month in Council Chambers of Village Hall, 123 Madison St. When a regular meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions, usually on the second and fourth Monday. However, dates and times of special meetings can vary and may change.

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File #: RES 21-231    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 10/4/2021 Final action: 10/4/2021
Title: A Resolution Authorizing A Single Family Housing Rehabilitation Loan And A Lead Hazard Reduction Grant (SFR-094) As Recommended By The Housing Programs Advisory Committee (HPAC)
Attachments: 1. RESOLUTION-Authorizing a Rehab Loan and a Lead Hazard Reduction Grant SFR-094, 2. Exhibit I Mortgage SFR-094, 3. Exhibit II Note SFR-094, 4. Exhibit III Agreement SFR-094
Submitted By
Tammie Grossman, Director of Development Customer Services

Reviewed By
AMZ

Agenda Item Title
Title
A Resolution Authorizing A Single Family Housing Rehabilitation Loan And A Lead Hazard Reduction Grant (SFR-094) As Recommended By The Housing Programs Advisory Committee (HPAC)

End
Overview
Overview
The purpose of the Single Family Housing Rehabilitation (SFR) Loan Program is to address and correct deteriorated and blighted homes throughout the village. The eligible homeowners are requesting a deferred loan of $24,999.00 and a lead hazard reduction grant of $10,500.00 from the Village.

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Recommendation
Recommendation
Approve the Resolution

Body
Staff Recommendation
Approve the Resolution

Fiscal Impact
Funding from the Village loan is from Fund 2020, the Community Development Revolving Loan Fund. This loan will reduce the $63,777.00 account balance by $24,999.00, to $38,778.00 (Account 2020-46206-101-585613).

Funding for the Village lead grant is from Fund 2083, the Community Development Block Grant Fund. This grant will reduce the $32,628.00 budget amount for Lead Hazard Reduction grants by $10,500.00, leaving $22,128.00 (Account 2083-46201-101-585612).

Background
Using Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD), the Single-Family Housing Rehabilitation (SFR) Program provides loans to low-and-very low-income owner/occupants of single-family properties to correct documented or potential code violations, deficiencies, and to make general property improvements.

There are two loan products to accomplish program goals: 1) A Deferred-Payment Loan Program which makes no-interest loans of up to $25,000, deferred for repayment for 20 years; and 2) An Emergency Loan program which makes no-interest loans of up to $5,000 per unit, deferred for repayment for 5 years, for correction of single emergencies, code violations of an emergency nature, or life-endangering circumst...

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